Hanmi profit falls 12% on loan woes

The parent of Los Angeles-based Hanmi Bank on Thursday said its earnings slumped nearly 12% in the first quarter because of a jump in problem loans.

Hanmi Financial Corp., which caters to Korean Americans and other ethnic groups in California and has $3.8 billion in assets, had warned April 19 that profit would be lower.

Hanmi earned $13.1 million, or 26 cents a share, in the quarter, down from $14.8 million, or 30 cents, a year earlier.

Nonperforming assets, including loans 90 days or more past due, totaled $19.5 million as of March 31, or 0.67% of total loans, compared with $10.8 million, or 0.38%, a year earlier.

Two other Korean-focused Southland banks, Wilshire Bancorp and Nara Bancorp, also have seen rises in problem loans.

Hanmi reported its results after markets closed. Its share price fell 5 cents to $16.77 in regular trading.